World’s largest fertilizer cooperative IFFCO and Indian Potash Ltd (IPL) have acquired 37 per cent stake in Jordan’s largest mining and chemical firm JPMC for about Rs 900 crore.
While IPL has bought about 27 per cent stake, IFFCO through its subsidiary Kisan International Trading (KIT) has purchased around 10 per cent in JPMC.
The shares have been purchased from Kamil Holdings, owned by Brunei Investment Agency, which is the largest shareholder in Jordan Phosphate Mines Company (JPMC), reports PTI.
“IPL and IFFCO have jointly bought 37 per cent stake in JPMC for about USD 130 million (nearly Rs 900 crore),” IFFCO Managing Director U S Awasthi told PTI.
Later tweeting about the purchase Awasthi said “This buying of stake in #JPMC by #KIT in the 2nd largest #phosphate reserves of the world will strengthen & secure the availability of Phosphates in #India. Step for the benefit of Indian farmers. It will help in promoting Integrated Nutrient Management of #soil in India.
Awasthi also thanked Jordon govt for having faith in Indian farmers and cooperatives. His tweet read” #IFFCO thanks Hashemite Kingdom of #Jordan @JordanGov for having faith in #KIT to have joint purchase of stake with #IPL in #JPMC from #Brunei. The dedicated & efficient system of #Jordan Government is highly commendable. It’s the faith shown in Indian #farmers & #cooperatives.”
It bears recall that IFFCO already has a joint venture, Jordan India Fertilizer Company (JIFCO), in which it has 52 per cent stake, while JPMC holds 48 per cent equity in it.
IFFCO recently held its 47th IFFCO Annual General meeting in which its Chairman B S Nakai declared a profit of Rs 1257 crore-highest so far in its history. It also announced a dividend of 20 percent -17th times in a row.
